Quarterly Report Capital Stage AG Q3 2014
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Quarterly report Q3/2014 Dear Shareholders, Ladies and Gentlemen, The third quarter was very successful for Capital In the third quarter of 2014, we continued to ex- Stage. Income from our 47 solar parks and wind pand our energy generation portfolio with the pur- farms was in line with our expectations and is the chase of a solar park in Germany (Bavaria) with a main reason for the sharp increase in revenue and capacity of 5.6 MWp. This reinforces Capital earnings that we are able to report for the first Stage’s position as Germany’s largest independent nine months of the 2014 financial year. operator of solar parks. Overall, the Capital Stage portfolio as of the reporting date 30 September Our revenue of EUR 65.0 million (previous year: 2014 consists of 47 solar parks and wind farms EUR 45.9 million) was 41.6% up on the year. Earn- with a total capacity of some 313 MW. ings before interest and taxes (EBIT) increased by 43.6% to EUR 41.9 million (previous year: EUR At the beginning of 2014, Capital Stage announced 29.2 million). Altogether we closed the first nine that it would be setting up alternative financing months of 2014 with a consolidated after-tax profit structures to enable growth without capital increas- (EAT) of EUR 22.1 million (previous year: EUR 15.4 es. In the third quarter of 2014, we were able to re- million), which represents a year-on-year increase port initial success. We refinanced seven solar parks of 43.8%. in Italy that were previously fully equity funded and thus released some of the capital committed to these We also made sustainable improvements to our assets. Further more, we agreed on additional cred- operating profitability by steadily expanding our it lines for investment with two banks, taking Capital energy generation portfolio. Funds from opera- Stage’s free investment volume to around EUR 40 tions (FFO) rose by 53.1% to EUR 30.5 million million with these arrangements alone. (previous year: EUR 19.9 million) and cash flow from operating activities was up by 85.2% to EUR In November 2014, we also 42.4 million (previous year: EUR 22.9 million). reported the successful closing of a long-term strategic We therefore confirm our revenue and earnings partnership between Capital forecast for the financial year 2014, which is based Stage and the insurance on revenue of EUR 80 million (previous year: EUR company Gothaer Versicher- 57.0 million). We are expecting an operating result ungen. As part of this strategic (EBIT) of around EUR 40.0 million (previous year: partnership, Gothaer Versicherungen is EUR 31.7 million) and pre-tax earnings (EBT) for to provide us with a total of EUR 150 million in the year 2014 of around EUR 23.0 million (previ- profit participation rights capital ous year: EUR 15.8 million). for 20 years. Große Elbstraße 45 • D-22767 Hamburg • Fon: +49 (0) 40 37 85 62-0 Fax: +49 (0) 40 37 85 62-129 • www.capitalstage.com 02 CAPITAL STAGE AG This strategic partnership constitutes a milestone The Capital Stage share therefore remains an at- in the history of Capital Stage. We intend to use tractive investment for private and institutional in- the funds from Gothaer as equity for future acqui- vestors alike, offering an attractive dividend yield sitions, which will enable us roughly to double the and sound potential for capital gains combined volume of our current energy generation portfolio. with limited risk. We are therefore at the start of a substantial growth phase. As in the past, we will approach this Hamburg, November 2014 prospect with the appropriate commercial caution and prudence and make every single investment The management board decision on the basis of our strict and proven in- vestment criteria. Felix Goedhart Dr Christoph Husmann CEO Group-Key-Figures IFRS 01/01/- 01/01/- +/- (in EUR mill.) 09/30/2014 09/30/2013 Revenues 65.0 45.9 +41.6% EBITDA 61.2 42.8 +42.8% EBIT 41.9 29.2 +43.6% EBT 25.9 18.3 +41.7% EAT 22.1 15.4 +43.8% Cash flow from operating activities 42.4 22.9 +85.2% FFO* per share (in EUR) 0.43 0.38 +13.2% Earnings per share (basic / EUR) 0.30 0.28 +7.1% Sept. 30, 2014 Dec. 31, 2013 +/- Equity** 240.4 207.4 +15.9% Liabilities 550.9 385.8 +42.8% Balance sheet total 791.2 593.2 +33.4% Equity ratio in % 30.38 34.96 -13.1% * FFO: Funds From Operations | ** Incl. non-controlling interests in equity CAPITAL STAGE AG • • • Content 03 FOREWORD BY THE MANAGEMENT BOARD 01 THE CAPITAL STAGE SHARE 04 Consolidated INTERIM Management Report 07 Consolidated INTERIM FINANCIAL Statements 15 Consolidated statement of comprehensive income 15 Consolidated balance sheet 16 Consolidated cash flow statement 17 Consolidated statement of changes in equity 18 NOTES AND COMMENTS 20 Company purpose 20 The reporting company 20 Significant accounting, valuation and consolidation principles 20 Equity 25 Supplementary report 26 Other statements 26 Forward-looking statements and forecasts 27 Declaration by the legal representatives 27 Consolidated segment reporting 28 04 CAPITAL STAGE AG • • • The Capital Stage share The Capital Stage share Key information Listed since 07/28/1998 Share capital (Nov. 2014) 73,569,144 EUR Number of shares (Nov. 2014) 73.57m Stock exchange segment Prime Standard 2012 dividend per share 0.08 EUR 2013 dividend per share 0.10 EUR 52-week high 4.45 EUR 52-week low 3.23 EUR Share price (Nov. 20, 2014) 4.45 EUR Market capitalization (Nov. 20, 2014) 327 m EUR Indices SDAX, HASPAX, PPVX Trading centres XETRA, Frankfurt/Main, Hamburg ISIN DE 0006095003 Designated Sponsor Close Brothers Seydler Bank AG Uncertainties depress stock markets quarter of 2014, which enabled many of the losses Stock markets performed well up to the middle of to be recouped. As of the reporting date 30 Sep- 2014. Positive economic data from the United tember 2014, the DAX stood at 9,474 points, only States and a reduction in the benchmark European slightly below the figure at the start of the year. interest rate by the European Central Bank (ECB) The SDAX index – which includes the Capital lifted share prices even further in June 2014, tak- Stage AG share – largely followed the DAX but ing the German DAX index past the 10,000-point ended the period up slightly on the beginning of mark for the first time ever in 2014. This positive the year 2014 at 6,853 points. performance was only short-lived, however. In- creasing geopolitical tension quickly depressed Stability in a volatile environment markets again in the third quarter of 2014. The The Capital Stage AG share was enviably stable bull run was cut short in particular by the conflict over the course of the year. Although the DAX in- between Ukraine and Russia as well as the sanc- dex came under severe pressure in late July and tions imposed as a result. At the same time, global early August, falling by nearly 7% in one week, economic indicators also pointed to slower growth; the Capital Stage AG share was able to escape this the economic performance of the eurozone in par- negative sentiment and reported a slight increase ticular was well below expectations. The previ- over the same period. In the remainder of the third ously robust German economy also showed the quarter of 2014, the share was also lifted by the first signs of weakness, with German industrial general market recovery, reaching a high for the production and German exports both reporting period at EUR 3.90 on 10 September 2014. The slower growth. Stock markets worldwide reacted average price for the Capital Stage share in the pe- with a very sharp correction, taking the DAX back riod of July to September 2014 was EUR 3.72. At down below the 10,000-point mark to its lowest the end of the quarter, the share closed at a price point since October 2013. However, stable eco- of EUR 3.77, an increase of some 2.4% in a third nomic data from the United States and another quarter of 2014 that was plagued by uncertainties. reduction in the benchmark European interest rate to a record low of 0.05% in early September 2014 The Capital Stage share is listed in the Prime Stan- prompted another recovery at the end of the third dard segment of Deutsche Börse. In March 2014, 05 250% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% 01. Jul 01. Oct 01. Jan 01. Apr 01. Jul 01. Oct 01. Jan 01. Apr 01. Jul 01. Oct 01. Jan 01. Apr 01. Jul 01. Sep 2011 2012 2013 2014 Öko DAX Capital Stage SDAX Renixx the Capital Stage AG share was included in the Systematic expansion of capital markets Deutsche Börse SDAX index; it also forms part of communication the HASPAX, PPVX and Solar Energy Stock Index. Inclusion in the SDAX index, greater coverage by well-known banks, a strong business performance Coverage expanded and active capital market communications during Coverage of the Capital Stage share was increased the reporting period have prompted new groups of again in the third quarter of 2014. Capital Stage is investors to take an interest in Capital Stage, both currently followed by Warburg Research, WGZ in Germany and abroad, which has increased un- Bank Research, Berenberg Equity Research, Qui- derstanding of its business model. In the reporting rin Bank Equity Research and Kempen & Co.